HSBC has delayed a decision on moving its headquarters out of London until
next year, in order to digest the final recommendations from the Independent
Commission on Banking (ICB).

The bank has privately warned that the ring-fencing approach favoured by the Commission, which would separate UK retail deposits and loans from the corporate book, could jeopardise its lending to UK companies.

Senior executives at the bank say this approach could force it to slash the size of its loan book if it does not have the corporate deposits to match.

The bank is unlikely to use deposits from European companies to fund lending in the UK because of fears that it would increase risk. HSBC counts Tesco and a number of other FTSE 100 companies among its UK clients.

The ICB, which is chaired by Sir John Vickers, is due to publish its final report in September.

HSBC has a routine review of the location of its headquarters every three years. A cost-benefit analysis of whether to stay in London was due to take place this summer, but has been delayed until the report has been published. A decision is unlikely to be made until 2012.

Some large shareholders would support a move as they believe the bank is suffering under the weight of new regulations in Britain, including George Osborne's levy on bank balance sheets.

Stuart Gulliver, chief executive of HSBC, is preparing to reveal results of the bank's strategy review on Wednesday.

It is thought the new head could announce plans to scale down operations in the US, where HSBC is nursing losses from its venture into sub-prime mortgages.

Analysts suggest the bank might sell its US credit card operations, estimated to be worth up to £12bn.

HSBC is expected to plough funds into fast-moving economies in Asia, where strong loan growth, particularly in Hong Kong, has bolstered the bank. Some analysts say the bank may sell its 16pc stake in Chinese insurer Ping An.

Mr Gulliver is also expected to announce cost-cutting after a key measurement of costs rose from 52pc in 2009 to 55pc. In the UK, it is thought the bank could move its retail team from the Canary Wharf headquarters to a cheaper location.

HSBC is expected to announce a $6.1bn (£3.7bn) profit before tax for the first quarter, up 7pc from the same period last year.

Robert Law, analyst at Nomura, believes a full-year consensus for a profit of $24bn could be downgraded.